Apple’s bite of $100bn Saudi-backed tech fund brings hope

January 6, 2017

Jeddah, Jan 6: The Middle East’s top tech investors are hopeful the region’s Internet businesses are in for a boost, after Apple confirmed its participation in a $100 billion Saudi-backed mega fund.

Apple
The iPhone maker on Wednesday confirmed its plan to invest $1 billion in a tech fund being set up by SoftBank Group Corp, according to reports.

The Japanese telecoms group was previously said to be in talks with Saudi Arabia’s Public Investment Fund for an investment of as much as $45 billion — putting the fund’s total size at an estimated $100 billion.

Oracle founder Larry Ellison will join Apple, Qualcomm and Foxconn in backing SoftBank’s record-setting technology fund, helping it hit its $100bn goal weeks ahead of schedule, the Financial Times reported.

Regional technology investors and prominent entrepreneurs were positive about Apple’s endorsement of the fund, expressing hope that the massive sums at play will provide a boost to the Middle East’s digital businesses.

One pointed to Saudi Arabia’s participation in the fund, which is significant given the Kingdom — with its economy hit hard by the oil price crash — is looking to wean itself off oil and diversify into other areas.

Fadi Ghandour, one of the Arab world’s most storied entrepreneurs and technology investors, said he hoped the SoftBank-led fund would pursue opportunities in the Middle East’s Internet space.

“If the Arab world wants to move beyond oil, then this fund needs to invest in the knowledge and the digital space,” Ghandour told Arab News.

“Ten percent of that fund, if invested over a period of time in this region, will get (things) to really happen in the market… It would be a real disappointment if there is no clear strategy on this.”

Dany Farha, chief executive and managing partner of the Dubai-based Beco Capital, and one of the biggest players in the region’s venture capital space, said he expects the biggest beneficiary of the SoftBank mega-fund to be US tech companies, primarily in technologies like the so-called Internet of Things (IoT).

“I think the US will get the lion’s share of the value, because they are the people who are innovating in the IoT space, both in terms of hardware and software.”

But Farha said Middle Eastern start-ups are also poised to benefit from the massive capital boost planned for such technologies.

“We’re going to be building localized services and products on top of them, so that they work for our culture, and our language, and our needs… There’s going to be a huge local opportunity across the globe, not just in the Middle East,” he said.

“The world is going to benefit, no doubt about it. These devices are going to be bought by consumers all over the world.”

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News Network
April 27,2024

The spokesman for the Yemeni Armed Forces has said it has carried out new operations against American and British targets in retaliation for their aggression on the country.

Brigadier General Yahya Saree said on Friday that Yemen’s naval forces struck a British oil tanker in the Red Sea with missiles.

Saree also said the military also shot down an American MQ-9 drone in Sa’ada province.

He added that the new operations were also a show of solidarity with Palestinians in the Gaza Strip, amid the Israeli genocide there. 

“The Yemeni Armed Forces salute all the people of Yemen for their faithful response to the call of the fighter leader Sayyed Abdulmalik Badr El-Din Al-Houthi, may Allah protect him, in their unprecedented large-scale interaction in support of our oppressed brothers in the Gaza Strip, affirming support for the Armed Forces in their military operations against the ‘Israeli’ enemy and against the American-British aggression supporting it in the Red and Arabian Seas and the Indian Ocean,” Saree said.

He stressed that the Yemeni armed forces will continue operations in the Red and Arabian Seas as well as the Indian Ocean until the Western-backed Israeli genocide comes to a halt.

Since the start of the brutal campaign in Gaza, the regime has killed more than 34,300 Palestinians and injured over 77,000 others. It has cut off fuel, electricity, food and water to the more than two million Palestinians living there.

The Yemeni Armed Forces have been targeting Israeli vessels or those “associated” with the occupying regime in the Red Sea and the Arabian Sea since October 7, 2023.

The regime ignited its bloody war machine in the besieged Palestinian territory on that October day in response to Operation Al-Aqsa Storm conducted by the resistance movement Hamas.

The maritime attacks have forced some of the world’s biggest shipping and oil companies to suspend transit through one of the world’s most important maritime trade routes.

Tankers are instead adding thousands of miles to international shipping routes by sailing around the continent of Africa rather than going through the Suez Canal.

The pro-Palestine maritime campaign has also prompted airstrikes by the US and its allies on Yemen – in violation of the Yemeni sovereignty and international law.

In consequence, Yemen’s armed forces have declared US and British vessels as legitimate targets.

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News Network
April 13,2024

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New Delhi, May 13: Warmongering Israel is bracing for a potential direct attack by Iran as warnings grow of retaliation for the provocative killing last week of a senior officer in Iran's embassy in Damascus. US and other intelligence assessments have said the retaliation could come as soon as Sunday. The unprecedented attack could trigger an all-out regional war.

US President Joe Biden has also warned Israel that he expects a strike from Iran soon, but has warned the clerical state not to attack.

"I don't want to get into secure information but my expectation is sooner than later," Biden told reporters after an event.

Asked what his message was to Iran on striking Israel, Biden said, "Don't."

An assault from Iranian soil has emerged as one of the main scenarios expected by the Jewish state and its allies, according to reports by the Wall Street Journal and Bloomberg. A bombardment with drones and precision missiles could come within the next 24 hours, the reports said citing people familiar with the matter.

Any Iranian attack on Israel would likely be a combination of missiles and drones, based on current capabilities outlined in a new Defense Intelligence Agency Worldwide Threat assessment released late Thursday.

The regime "has a substantial inventory of ballistic and cruise missiles capable of striking targets as far as 2,000 kilometers from its borders," the agency said.

The US has rushed additional military assets to protect Israel and American forces in the region. The country has moved two Navy destroyers to the Eastern Mediterranean Sea, according to a Navy official. One is the USS Carney, which was recently in the Red Sea performing air defence against Houthi drones and anti-ship missiles.

America has also doubled down its diplomatic efforts to rein in hostilities in the region, which has been on the edge since Israel launched a mega offensive on Palestine to destroy the militant organisation Hamas.

US officials have been working to send messages to Iran, including through an established Swiss channel, while talking to Israel, Saudi Arabia, Qatar, and other governments. Biden has also sent the head of US Central Command, General Michael Kurilla, to Israel for urgent talks on the threat from Iran.

The 'shadow war' between the two Middle Eastern countries heated up when an Israeli airstrike hit the Iran consulate in Damascus, killing seven people, including two generals. Iran immediately issued a statement saying that it is prepared for war and will deliver a "slap" to Israel.

Israel has been on alert since then, canceling home leave for combat troops, calling up reserves, and bolstering air defenses. Its military scrambled navigational signals over Tel Aviv on Thursday to disrupt GPS-navigated drones or missiles that might be fired at the country.

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News Network
April 23,2024

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The genocidal Israeli war on the Gaza Strip has entered its 200th day, with occupation forces killing more Palestinians in defiance of widespread international outcry to end the carnage.

The aggression marked its 200th day on Tuesday with no end in sight to the Israeli war that has so far killed a shocking number of Palestinians and led to a humanitarian crisis in the besieged territory.

The Gaza Health Ministry said Israeli forces have committed three "massacres" over the past 24 hours, killing at least 32 Palestinians and wounding 59 others.

The numbers, it added, bring the Palestinian death toll to more than 34,183, with at least 77,143 injured and an estimated 7,000 missing and presumed dead since early October.

More than 14,500 children and 9,500 women are among those killed, making up over 70 percent of the victims, according to health officials.

Israel waged its brutal US-backed war on the Gaza Strip on October 7 after the Palestinian Hamas resistance group carried out Operation Al-Aqsa Storm against the usurping entity in retaliation for its intensified atrocities against the Palestinian people.

Israel has been carrying out war crimes in Gaza by deliberately starving people and forcing their evacuation, as well as targeting hospitals and schools sheltering displaced Palestinians.

Despite all these atrocities, the regime has failed to achieve its declared objectives of “destroying Hamas” and finding Israeli captives held in Gaza.

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